Chainalysis Inc.

Chainalysis Inc., a New York-based cybersecurity and blockchain analytics company, operates as a federal prime contractor delivering cryptocurrency investigation software, blockchain forensics platforms, and virtual currency tracing tools to law enforcement and regulatory agencies under a $25 million Department of Justice Federal Bureau of Investigation indefinite delivery vehicle designated as a total small business set-aside running through March 31, 2027. Chainalysis competes exclusively as a prime (100% of recent awards) and does not appear on federal subcontractor rosters; the company holds a subsidiary, Chainalysis Government Solutions LLC, through which some federal work may flow.

Chainalysis's federal customer base concentrates heavily on law enforcement. The FBI Headquarters Division anchors the portfolio with 44 awards valued at $74.5 million (62% of combined potential value), followed by the Internal Revenue Service (10 awards, $24.6 million), Immigration and Customs Enforcement (19 awards, $10.8 million), the Drug Enforcement Administration (16 awards, $472 thousand), and the Department of State Bureau of International Narcotics and Law Enforcement (5 awards, $893 thousand). These five customers account for 75% of award count and 96% of combined potential value, reflecting a narrow and durable customer concentration in federal law enforcement and financial crime investigation.

Chainalysis delivers concrete capability through proprietary software platforms and licensing. Reactor, the company's flagship cloud-based and airgapped blockchain forensics platform, enables virtual currency transaction tracing, clustering, graphing, and analysis in exportable formats; Investigation API provides query-based blockchain data access; and DENALI applies machine learning to identify patterns and targets in blockchain activity. Representative work includes a $7.06 million delivery order (April 2025, FBI, total small business set-aside) for Virtual Currency OY 3 services under the FBI IDV; a $13.8 million definitive contract (September 2021, Treasury IRS) for analytical services and software tools supporting cryptocurrency investigations; a $7.43 million delivery order (April 2024, FBI, no set-aside) for Virtual Currency OY 2 services; and a $4.7 million delivery order (March 2022–March 2027, FBI, no set-aside) providing tracing, clustering, and graphing of virtual currency transactions on airgapped systems. The company also delivers training on blockchain analysis and platform certification, software licenses and cloud node access, and expert consulting for investigation support. Place of performance centers on New York, New York, with secondary performance in Ashburn, Virginia.

Chainalysis holds two named indefinite delivery vehicles. The primary vehicle is the $25 million FBI multiple-award contract (IDV 15F06722D0000317) designated as a total small business set-aside, valid through March 31, 2027, which has generated 32 delivery orders totaling $39 million in combined potential value. A second vehicle with Immigration and Customs Enforcement (IDV 70CMSD22D00000004) carries a $12.2 million ceiling and runs through September 2027; seven delivery orders against this ICE vehicle total $6 million. Both vehicles support routine software licensing, training, and professional services procurement. Roughly 60 percent of task orders across the FBI vehicle carry small business set-aside designations; the remainder compete full-and-open.

Activity has contracted in recent years. Annual award volume peaked in 2023 with 19 awards; 2022 saw 13 awards, 2024 saw 9 awards, 2025 saw 10 awards, and 2026 has recorded 6 awards to date. Twelve awards with combined potential value of $22.4 million face ultimate completion dates within the next twenty-four months, creating recompete exposure. SCI-reported invoiced revenue on prime service contracts above the $150,000 threshold totaled $4.1 million in FY2022, $6 million in FY2023, and $6.3 million in FY2024 — a narrow slice of the vendor's federal services work and a smaller portion of total enterprise revenue. Government-paid hourly rates on SCI-reportable prime contracts ranged from a 10th percentile of $0 per hour (likely floor-priced or fixed-price orders with minimal labor allocation) to a median of $511.63 per hour and a 90th percentile of $1,046.67 per hour, reflecting mix of software licensing and professional services. Chainalysis delivers 100 percent of work in-house on SCI-reportable contracts (0% sub-hours share), without reliance on named subcontractors in its federal prime footprint.